Ah, yeah, then it's like Dave said.
His first bid could have been your minimum, say 99 cents.
Then he says, "I better go ahead and put in a higher bid." So say he bids $5.
All you would see is still the 99 cents.
Then if someone else comes along and bids, say, $2, his second bid will show up as $2.25.
If someone comes along and bids $4.99, then his max of $5 will show up.